Willis Towers Watson PLC 2025年度报告

Washington, D.C. 20549 (Mark one) WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☑No☐Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☑ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. Yes☑No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitionsof ‘large accelerated filer’, ‘accelerated filer’ and ‘smaller reporting company’ in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the voting common equity held by non-affiliates of the Registrant, computed by reference to the last reported price at which theRegistrant’s common equity was sold on June 30, 2025 (the last day of the Registrant’s most recently completed second quarter) was $29,918,279,975. As of February 20, 2026, there were outstanding 94,545,903 ordinary shares, nominal value $0.000304635 per share, of the Registrant. DOCUMENTS INCORPORATED BY REFERENCE Portions of Part III will be incorporated by reference in accordance with Instruction G(3) to Form 10-K no later than 120 days after the end of the Company’s fiscalyear. WILLIS TOWERS WATSON PUBLIC LIMITED COMPANYINDEX TO FORM 10-K For the year ended December 31, 2025 Certain DefinitionsDisclaimer Regarding Forward-looking Statements PART I. Item 1BusinessItem 1ARisk FactorsItem 1BUnresolved Staff CommentsItem 1CCybersecurityItem 2PropertiesItem 3Legal ProceedingsItem 4Mine Safety Disclosures PART II. Item 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities42Item 6[RESERVED]45Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations46Item 7AQuantitative and Qualitative Disclosures About Market Risk68Item 8Financial Statements and Supplementary Data71Item 9Changes in and Disagreements with Accountants on Accounting and Financial Disclosure129Item 9AControls and Procedures129Item 9BOther Information131Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections132 PART III. Item 10Directors, Executive Officers and Corporate Governance133Item 11Executive Compensation133Item 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters133Item 13Certain Relationships and Related Transactions, and Director Independence133Item 14Principal Accounting Fees and Services133 PART IV. Certain Definitions The following definitions apply throughout this Annual Report on Form 10-K unless the context requires otherwise: ‘We’, ‘Us’, ‘Company’, ‘WTW’, ‘Willis TowersWatson’, ‘Our’, or ‘Willis Towers Watson plc’ Willis Towers Watson Public Limited Company, a company organized underthe laws of Ireland, and its subsidiaries The ordinary shares of Willis Towers Watson Public Limited Company,nominal value $0.000304635 per share ‘shares’ ‘Willis’ Willis Group Holdings Public Limited Company and its subsidiaries,predecessor to WTW, prior to the Merger of Willis Group Holdings PublicLimited Company and Towers Watson & Co. pursuant to the Agreement andPl